Manitex International, Inc. Reports First Quarter 2015 Results
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BRIDGEVIEW, IL -- (Marketwired) -- 05/11/15 -- Manitex International, Inc. (NASDAQ: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced first quarter 2015 results.
First Quarter 2015 Financial Highlights:
- Net revenues increased 69.2% year-over-year to $105.9 million compared to $62.6 million.
- Adjusted EBITDA (1)(2) was $8.0 million or 7.6% of sales, compared to $4.7 million or 7.5% of sales.
- Adjusted net income (1)(2) was $1.5 million or $0.10 per share, compared to net income of $1.9 million or $0.14 per share.
- Net loss of $0.2 million or $(0.01) per share (inclusive of approximately $3 million in transaction costs) compared to net income of $1.9 million or $0.14 per share.
- Repaid $2.8 million of term debt, including $1.5 advance payment of remaining 2015 principal requirements on term debt for PM acquisition.
- Consolidated backlog as of March 31, 2015 was $109.6 million.
Transactions:
- On January 15th, 2015, completed the acquisition of PM Group, a manufacturer of truck mounted knuckle-boom cranes based near Modena, Italy for a purchase consideration of $30.4 million, comprising cash of $20.3 million and 994,483 shares of common stock.
- Prior to the quarter, on December 19, 2014 acquired 51% of ASV Inc, a manufacturer of compact tracked loaders and skid steers based in Minnesota, for a purchase consideration of $26.4 million, comprising cash of $25.0 million, and a note payable to the seller of $1.4 million.
(1) Adjusted EBITDA and adjusted net income are non-GAAP (generally accepted accounting principles in the United States of America) financial measures. These measures may be different from non-GAAP financial measures used by other companies. We encourage investors to review the section below entitled "Non-GAAP Financial Measures." (2) Adjustments include approximately $3.0 million pretax in transaction and other costs associated with ASV and PM Group transactions, reconciled in tables below.
Chairman and Chief Executive Officer, David Langevin, commented, "We have brought together an exceptional portfolio of specialized industrial equipment businesses and are making good progress integrating our most recent acquisitions. This was the first quarter in which we have included both ASV and PM Group in our results, and as expected, our financials have changed significantly, with revenues now running at over $100 million per quarter. The opportunity to add PM knuckle boom cranes to our North American assembly operations and market throughout our dealer network remains a top priority for this year and beyond, and we're excited about growing this business. ASV also remains an exciting opportunity for us, with modest improvement in US construction markets expected this year, which will benefit ASV's performance. Given continued global economic softness, we are concentrating our efforts on optimizing our cost structure and allocating resources to our higher margin business units that we believe will drive our future growth."
Net revenues increased $43.3 million to $105.9 million for the three months ended March 31, 2015 from $62.6 million for the comparable period in 2014. Without the ASV and PM transactions, which had combined revenues of $48.6 million, revenues would have decreased $5.3 million, of which $3.4 resulted from the impact of currency translation with a stronger U.S. dollar compared to the first quarter of 2014. PM knuckle boom crane sales were encouraging in the quarter in most sales regions, and particularly in the Americas and Europe where construction activity continued to show improvement. ASV sales were substantially focused on the North American market and for the quarter were skewed more heavily towards the lower capacity units used in more general construction activity. We experienced a reduction in the first quarter sales of the Manitex boom truck business in trucks having greater than a 40 ton capacity principally related to the decline in demand from the energy sector. The majority of this decline was offset by increased sales of material handling equipment reflecting increased shipments of military forklifts. Sales in the Equipment Distribution segment were $1.2 million lower than in the comparable period of 2014.
Adjusted net income for the first quarter of 2015, excluding $3.0 million pretax of acquisition related and other costs related to the transactions for the newly acquired businesses of ASV and PM, was $1.5 million or $0.10 per share compared to net income of $1.9 million and $0.14 per share for the first quarter of 2014. Operating income adjusted for the acquisition expenses in the first quarter of 2015 was 4.9% of sales compared to 5.8% for the three months ended March 31, 2014, resulting from an adverse sales mix of lower capacity product and lower crane sales that was only partially offset by $0.8 million of lower operating expenses, excluding the acquired businesses. On an adjusted basis, gross margin was 20% and SG&A as a percentage of sales was 14% for the quarter, compared to 18.5% and 11.6% respectively for the three months ended March 31, 2014, reflecting some of the structural changes from the recent acquisitions, including additional operations, both sales and manufacturing, in a number of overseas locations.
Andrew Rooke, Manitex International President and Chief Operating Officer, commented, "During the first quarter we commenced the integration and assimilation of our recent acquisitions into the Company. ASV and PM contributed almost $50 million to our top line and provided additional diversification of product and market to our profile. During the quarter we were very active in the market with our distribution networks and received a very positive reception as we commenced the re-launch of the ASV brand as well as actively promoting the PM knuckle boom crane. Our cost reduction program announced at the end of last year, picked up steam during the quarter and had a positive impact in the quarter helping to offset the gross margin effect of some adverse sales mix, and we are on track to achieve the $4 million goal set for 2015. The recent expansion of the Company through the acquisition of ASV and PM has increased our leverage and we have rapidly attacked our debt, making principal repayments of $2.8 million, including a $1.5 million advance payment in March to satisfy all 2015 principal payments on the PM acquisition term loan. Our objective is continue to pay off debt through working capital improvements during 2015 and beyond, with the objective of returning our balance sheet ratios in time back to our normalized levels."
Mr. Langevin concluded, "Our plan for this year remains to integrate and execute, and this will require continued emphasis on cost containment, integrating our operations, and managing our balance sheet for the benefit of our shareholders. Going forward we would expect to allocate our future cash flows to investing in our higher-margin businesses and paying down our debt to maintain the financial flexibility that has been a hallmark of this company since we first started this in 2006."
Conference Call:
Management will host a conference call at 4:30 PM Eastern Time today to discuss the results with the investment community. Anyone interested in participating in the call should dial 1-800-967-7134 if calling within the United States or 719-325-2418 if calling internationally. A replay will be available until May 18, 2015 which can be accessed by dialing 877-870-5176 if calling within the United States or 858-384-5517 if calling internationally. Please use passcode 7731331 to access the replay. The call will additionally be broadcast live and archived for 90 days over the internet with accompanying slides, accessible at the investor relations portion of the Company's corporate website, www.manitexinternational.com/eventspresentations.aspx.
About Manitex International, Inc.
Manitex International, Inc. is a leading worldwide provider of highly engineered specialized equipment including boom truck, truck and knuckle boom cranes, container handling equipment and reach stackers, rough terrain forklifts, and other related equipment. Our products, which are manufactured in facilities located in the USA, Canada, and Italy, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, O&S, CVS Ferrari, Badger, Liftking, Load King, Sabre, and Valla. ASV, our Venture with Terex Corporation, manufactures and sells a line of high quality compact track and skid steer loaders.
Forward-Looking Statement
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except for share and per share data)
Three Months Ended
March 31,
------------------------
2015 2014
----------- -----------
Unaudited Unaudited
Net revenues $ 105,882 $ 62,576
Cost of sales 85,569 50,972
----------- -----------
Gross profit 20,313 11,604
Operating expenses
Research and development costs 1,216 720
Selling, general and administrative expenses 16,955 7,273
----------- -----------
Total operating expenses 18,171 7,993
----------- -----------
Operating income 2,142 3,611
Other income (expense)
Interest expense (2,934) (805)
Foreign currency transaction gains (losses) 945 (11)
Other (expense) (10) (13)
----------- -----------
Total other Income (expense) (1,999) (829)
----------- -----------
Income before income taxes and loss in non-
marketable equity interest 143 2,782
Income tax 34 905
Loss in non-marketable equity interest, net of
taxes (39) --
----------- -----------
Net income $ 70 $ 1,877
Net income attributable to noncontrolling interest (294) --
----------- -----------
Net (loss) income attributable to shareholders
of Manitex International, Inc. $ (224) $ 1,877
=========== ===========
Earnings Per Share
Basic $ (0.01) $ 0.14
Diluted $ (0.01) $ 0.14
Weighted average common shares outstanding
Basic 15,836,423 13,807,312
Diluted 15,836,423 13,840,506
MANITEX INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, December 31,
2015 2014
----------- -------------
Unaudited Unaudited
ASSETS
Current assets
Cash $ 5,578 $ 4,370
Trade receivables (net) 85,335 60,855
Accounts receivable from related party 586 8,609
Other receivables 3,356 243
Inventory (net) 120,487 97,182
Deferred tax asset 1,324 1,325
Prepaid expense and other 6,853 1,733
----------- -------------
Total current assets 223,519 174,317
----------- -------------
Total fixed assets (net) 44,281 28,846
Intangible assets (net) 76.060 51,922
Deferred tax asset 10,974 2,081
Goodwill 76,546 48,944
Other long-term assets 6,325 4,176
Non-marketable equity investment 5,912 5,951
----------- -------------
Total assets $ 443,617 $ 316,237
=========== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Notes payable--short term $ 36,669 $ 11,499
Revolving credit facilities 1,255 2,798
Current portion of capital lease obligations 1,746 1,631
Accounts payable 57,879 36,006
Accounts payable related parties 2,859 503
Income tax payable on conversion of ASV -- 16,500
Accrued expenses 21,006 13,117
Other current liabilities 3,167 2,407
----------- -------------
Total current liabilities 124,581 84,461
----------- -------------
Long-term liabilities
Revolving term credit facilities 52,360 46,457
Notes payable 85,157 40,588
Capital lease obligations 2,237 2,710
Convertible note-related party 6,641 6,611
Convertible note 14,310 --
Deferred gain on sale of building 1,172 1,268
Deferred tax liability 16,840 4,163
Other long-term liabilities 5,133 1,973
----------- -------------
Total long-term liabilities 183,850 103,770
----------- -------------
Total liabilities 308,431 188,231
----------- -------------
Commitments and contingencies
Shareholders' equity
Preferred Stock--Authorized 150,000 shares, no
shares issued or outstanding at March 31,
2015 and December 31, 2014 -- --
Common Stock--no par value 20,000,000 shares
authorized, 16,013,845 and 14,989,694 shares
issued and outstanding at March 31, 2015 and
December 31, 2014, respectively 92,453 82,040
Paid in capital 2,530 1,789
Retained earnings 21,736 21,960
Accumulated other comprehensive income (5,066) (1,023)
----------- -------------
Equity attributable to shareholders of
Manitex International, Inc. 111,653 104,766
Equity attributable to noncontrolling interest 23,533 23,240
----------- -------------
Total Equity 135,186 128,006
----------- -------------
Total liabilities and shareholders' equity $ 443,617 $ 316,237
=========== =============
MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Three Months Ended
March 31,
----------------------
2015 2014
---------- ----------
Unaudited Unaudited
Cash flows from operating activities:
Net income $ 70 $ 1,877
Adjustments to reconcile net income to cash (used)
provided by operating activities:
Depreciation and amortization 2,900 1,111
Changes in allowances for doubtful accounts 82 (7)
Changes in inventory reserves 14 (99)
Deferred income taxes (85) 1
Amortization of deferred financing cost 324 56
Amortization of debt discount 180 --
Loss on earning in equity interest 39 --
Stock based compensation 573 513
Gain on disposal of assets (8) --
Reserves for uncertain tax provisions 4 5
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable 1,498 (5,639)
(Increase) decrease in accounts receivable
finance -- 53
(Increase) decrease in inventory (3,255) (2,747)
(Increase) decrease in prepaid expenses (3,231) (193)
(Increase) decrease in other assets (27) --
Increase (decrease) in accounts payable 1,853 2,614
Increase (decrease) in accrued expense 95 (1,888)
(Decrease) in income tax payable on ASV
conversion (16,500) --
Increase (decrease) in other current
liabilities 128 642
Increase (decrease) in other long-term
liabilities (35) --
---------- ----------
Net cash used for operating activities (15,381) (3,701)
---------- ----------
Cash flows from investing activities:
Acquisition of business, net of cash acquired (18,991) --
Proceeds for the sale of fixed assets 11 --
Purchase of property and equipment (532) (126)
---------- ----------
Net cash used for investing activities (19,512) (126)
---------- ----------
Cash flows from financing activities:
Borrowing (Repayments) on revolving term credit
facilities 5,313 (1,773)
Net borrowings on working capital facilities 3,177 780
New borrowing - convertible note 15,000 --
New borrowing - term loan 14,000 --
New borrowings - other 4,323 677
Bank fees and cost related to new financing (1,089) --
Note payments (3,147) (483)
Payments on capital lease obligations (358) (348)
---------- ----------
Net cash provided by (used for) financing
activities 37,219 (1,147)
---------- ----------
Net increase (decrease) in cash and cash
equivalents 2,326 (4,974)
Effect of exchange rate change on cash (1,118) (67)
Cash and cash equivalents at the beginning of the
year 4,370 6,091
---------- ----------
Cash and cash equivalents at end of period $ 5,578 $ 1,050
========== ==========
Supplemental Information
In an effort to provide investors with additional information regarding the Company's results, Manitex International refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Manitex International believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Manitex International uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets.
The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of, or for the three month period ended March 31, 2015, unless otherwise indicated.
Non-GAAP Financial Measures
This press release includes the following non-GAAP financial measures: "Adjusted EBITDA" (earnings before interest, tax, foreign exchange transaction gain / losses, other income / expense acquisition related expense and other exceptional costs and depreciation and amortization) and Adjusted Net Income. These non-GAAP terms, as defined by the Company, may not be comparable to similarly titled measures used by other companies. Neither Adjusted Net Income nor Adjusted EBITDA are a measure of financial performance under generally accepted accounting principles. Items excluded from Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing financial performance. Adjusted EBITDA and Adjusted Net Income should not be considered in isolation or as a substitute for net earnings, operating income and other consolidated earnings data prepared in accordance with GAAP or as a measure of our profitability. A reconciliation of net income to Adjusted EBITDA and Adjusted Net Income is provided below.
The Company's management believes that Adjusted EBITDA and Adjusted EBITDA as a percentage of sales and Adjusted Net Income represent key operating metrics for its business. Adjusted Earnings Before Interest, Taxes, foreign exchange transaction gain / losses, other income / expense, acquisition related expense and other exceptional costs and Depreciation and Amortization (Adjusted EBITDA) and Adjusted Net Income, GAAP net income adjusted for acquisition and certain other one off items are a key indicator used by management to evaluate operating performance. While Adjusted EBITDA and Adjusted Net Income are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of its underlying businesses. These calculations may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of Adjusted EBITDA and Adjusted Net Income to GAAP financial measures for the three month period ended March 31, 2015 and 2014 is included with this press release below and with the Company's related Form 8-K.
Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands)
----------------------------------------------------------------------------
Three Months Ended
----------------------------------------------------------------------------
March 31, March 31,
2015 2014
----------------------------------------------------------------------------
Net (loss) income (224) 1,877
----------------------------------------------------------------------------
Net income attributable to noncontrolling
interest 294 -
----------------------------------------------------------------------------
Income tax 34 905
----------------------------------------------------------------------------
Interest expense 2,934 805
----------------------------------------------------------------------------
Foreign currency transaction losses (gain) (945) 11
----------------------------------------------------------------------------
Other (income) expense 10 13
----------------------------------------------------------------------------
Acquisition and other expense 3,027 -
----------------------------------------------------------------------------
Depreciation & Amortization 2,900 1,111
----------------------------------------------------------------------------
Adjusted Earnings before interest, taxes,
depreciation and amortization (Adjusted
EBITDA) $8,030 $4,722
----------------------------------------------------------------------------
Adjusted EBITDA % to sales 7.6% 7.5%
----------------------------------------------------------------------------
Reconciliation of GAAP Net Income to Adjusted Net Income (in thousands)
----------------------------------------------------------------------------
Three Months Ended
----------------------------------------------------------------------------
March 31, March 31,
2015 2014
----------------------------------------------------------------------------
Net (loss) income as reported (224) 1,877
----------------------------------------------------------------------------
Pre-tax acquisition and other expenses 3,027 --
----------------------------------------------------------------------------
Tax effect based on jurisdictional blend (879) --
----------------------------------------------------------------------------
Change in net income attributable to
noncontrolling interest (406) --
----------------------------------------------------------------------------
Adjusted Net Income $1,518 $1,877
----------------------------------------------------------------------------
Weighted average diluted shares outstanding 15,836,423 13,840,506
----------------------------------------------------------------------------
Diluted earnings per share as reported ($0.01) $0.14
----------------------------------------------------------------------------
Total EPS Effect $0.11 --
----------------------------------------------------------------------------
Adjusted Diluted earnings per share $0.10 $0.14
----------------------------------------------------------------------------
Acquisition and other expense
After tax expense and per share amounts (Adjusted Net Income) are calculated using pre-tax amounts, applying a tax rate based on jurisdictional rates to arrive at an after-tax amount. This number is divided by the weighted average diluted shares to provide the impact on earnings per share. The company assesses the impact of these items because when discussing earnings per share, the Company adjusts for items it believes are not reflective of operating activities in the periods.
---------------------------------------------------------------------------- First Quarter 2015 Pre-tax After-tax EPS ---------------------------------------------------------------------------- Deal transaction related $2,687 $1,903 $0.12 ---------------------------------------------------------------------------- Exceptional operating cost $357 $245 $0.02 ---------------------------------------------------------------------------- Change in noncontrolling interest $(406) $(406) $(0.03) ---------------------------------------------------------------------------- Total $2,638 $1,742 $0.11 ----------------------------------------------------------------------------
There were no items adjusting First Quarter 2014.
Backlog
Backlog is defined as purchase orders that have been received by the Company. The disclosure of backlog aids in the analysis the Company's customers' demand for product, as well as the ability of the Company to meet that demand. Backlog is not necessarily indicative of sales to be recognized in a specified future period.
----------------------------------------------------------------------------
March 31, December 31, March 31,
2015 2014 2014
----------------------------------------------------------------------------
Backlog $109,625 $107,327 $100,023
----------------------------------------------------------------------------
3/31/2015 increase v prior period 2.1% 9.6%
----------------------------------------------------------------------------
Current Ratio is calculated by dividing current assets by current liabilities.
----------------------------------------------------------------------------
March 31, 2015 December 31, 2014
----------------------------------------------------------------------------
Current Assets $223,519 $174,317
----------------------------------------------------------------------------
Current Liabilities $124,581 $84,347
----------------------------------------------------------------------------
Current Ratio 1.8 2.1
----------------------------------------------------------------------------
Days Sales Outstanding (DSO) is calculated by taking the sum of net trade and related party receivables divided by annualized sales per day (sales for the quarter, multiplied by 4, and the sum divided by 365).
Days Payables Outstanding (DPO) is calculated by taking the sum of net trade and related party payables divided by annualized cost of sales per day (cost of goods sold for the quarter, multiplied by 4, and the sum divided by 365).
Debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable, convertible notes and revolving credit facilities. Debt to Adjusted EBITDA ratio is calculated by dividing total debt at the balance sheet date by trailing twelve month Adjusted EBITDA.
----------------------------------------------------------------------------
March 31, 2015 December 31, 2014
----------------------------------------------------------------------------
Current portion of long term debt 36,669 11,499
----------------------------------------------------------------------------
Current portion of capital lease
obligations 1,746 1,631
----------------------------------------------------------------------------
Revolving credit facilities 1,255 2,798
----------------------------------------------------------------------------
Revolving term credit facilities 52,360 46,457
----------------------------------------------------------------------------
Notes payable - long term 85,157 40,588
----------------------------------------------------------------------------
Capital lease obligations 2,237 2,710
----------------------------------------------------------------------------
Convertible Notes 20,951 6,611
----------------------------------------------------------------------------
Debt $200,375 $112,294
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Trailing 12 month Adjusted EBITDA* $24,172 $20,864
----------------------------------------------------------------------------
Debt to Adjusted EBITDA Ratio 8.3* 5.4*
----------------------------------------------------------------------------
*The ASV and PM acquisitions have been included for the period since their respective acquisition, December 19, 2014 for ASV and January 15, 2015 for PM. Therefore trailing twelve month Adjusted EBITDA only includes contributions from ASV of 102 days and 75 days from PM. With a full year of ASV and PM, on a proforma basis, Debt to Adjusted EBITDA ratio is 4.9.
Interest Cover is calculated by dividing Adjusted EBITDA (earnings before interest, tax, foreign exchange transaction gain / losses, other income / expense acquisition related expense and other exceptional costs and depreciation and amortization) for the trailing twelve month period (April 1 2014 to March 31, 2015) by interest expense as reported in the Consolidated Statement of Income for the same period.
----------------------------------------------------------------------------
12 Month Period 12 Month Period
April 1, 2014 to April 1, 2013 to
March 31, 2015 March 31, 2014
----------------------------------------------------------------------------
Adjusted EBITDA $24,172 $22,084
----------------------------------------------------------------------------
Interest Expense 5,279 3,158
----------------------------------------------------------------------------
Interest Cover Ratio 4.6 7.0
----------------------------------------------------------------------------
Inventory turns are calculated by multiplying cost of goods sold for the referenced three month period by 4 and dividing that figure by inventory as at the referenced period.
Manufacturing Expenses include manufacturing wages, salaries, fixed and variable overhead costs.
Operating Working Capital is calculated using the Consolidated Balance Sheet amounts for Trade receivables (net of allowance) plus inventories, less Accounts payable. The Company considers excessive working capital as an inefficient use of resources, and seeks to minimize the level of investment without adversely impacting the ongoing operations of the business.
----------------------------------------------------------------------
March 31, December 31,
2015 2014
----------------------------------------------------------------------
Trade receivables (net) $85,335 $60,855
----------------------------------------------------------------------
Inventory (net) 120,487 97,182
----------------------------------------------------------------------
Less: Accounts payable 57,879 36,006
----------------------------------------------------------------------
Total Operating Working Capital $147,943 $122,031
----------------------------------------------------------------------
% of Trailing Three Month Annualized Net Sales 34.9% 45.6%
----------------------------------------------------------------------
Trailing Twelve Months Adjusted EBITDA is calculated by adding the reported Adjusted EBITDA for the past 4 quarters.
---------------------------------------------------------------------------- Three Months Ended: Adjusted EBITDA ---------------------------------------------------------------------------- June 30, 2014 6,293 ---------------------------------------------------------------------------- September 30, 2014 4,519 ---------------------------------------------------------------------------- December 31, 2014 5,330 ---------------------------------------------------------------------------- March 31, 2015 8, 030 ---------------------------------------------------------------------------- Trailing Twelve Months Adjusted EBITDA $24,172 ----------------------------------------------------------------------------
Trailing Three Month Annualized Net Sales is calculated using the net sales for quarter, multiplied by four.
----------------------------------------------------------------------------
Three Months Ended
----------------------------------------------------------------------------
March 31, March 31, December 31,
2015 2014 2014
----------------------------------------------------------------------------
Net sales $105,882 $62,576 $66,909
----------------------------------------------------------------------------
Multiplied by 4 4 4 4
----------------------------------------------------------------------------
Trailing Three Month Annualized Net
Sales $423,528 $250,304 $267,636
----------------------------------------------------------------------------
Working capital is calculated as total current assets less total current liabilities
----------------------------------------------------------------------------
March 31, 2015 December 31, 2014
----------------------------------------------------------------------------
Total Current Assets $223,519 $174,317
----------------------------------------------------------------------------
Less: Total Current Liabilities 124,581 84,347
----------------------------------------------------------------------------
Working Capital $98,938 $89,970
----------------------------------------------------------------------------
Company Contact Manitex International, Inc. David Langevin Chairman and Chief Executive Officer (708) 237-2060 Email Contact Darrow Associates Inc. Peter Seltzberg Managing Director Investor Relations (516) 510-8768 Email Contact
Source: Manitex International
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